A “for sale or lease” sign on the side of Colony House Furniture at 1700 Lee Highway has prompted a number of people to email us and ask what’s going on with the iconic, 54-year-old store. Today, owner J.R. Diffee provided an answer.
The business plans to cash in on its prime real estate and relocate.
“This is not a going out of business,” Diffee said emphatically. “The property is for sale, the business is not.”
Diffee says he anticipates a developer buying the property, then leasing it back to the store until building permits are approved. In the meantime, Diffee says he will be looking for a new location.
Will he move the store to another address in Arlington?
“I’d love to,” said Diffee, an Arlington Chamber of Commerce board member. “I have three kids in Arlington Public Schools… I buy into the Arlington Way.”
Diffee said that while the furniture business was hurt by the recession, sales at the store were up 7.5 percent last year. Still, he said that the property the store has occupied since 1957 — adjacent to I-66 and within a long walk of Rosslyn and Courthouse — is now worth more to a developer than it is to a furniture store.